Bank of America(US:BAC) Zhi Tong Cai Jing·2025-11-19 00:58Group 1 - The core viewpoint of the article is that global investors are optimistic about the Japanese yen's performance in 2024, expecting it to outperform major currencies after a tumultuous year [1][3]. - Approximately one-third of the 170 fund managers surveyed by Bank of America believe the yen will deliver the best returns next year, with gold and the US dollar following closely behind [1][6]. - The yen's current optimism contrasts sharply with its lackluster performance this year, where the USD/JPY pair has only risen by 1%, placing it at the bottom among G10 currencies [3]. Group 2 - Factors contributing to the yen's poor performance include the Bank of Japan's ambiguous stance on interest rate hikes and the newly elected Prime Minister's support for loose monetary policies, which are expected to lead to higher spending plans [4]. - Investors' optimism for the yen in 2026 may stem from its undervalued status, reflecting ongoing low investment in Japanese assets, with a net underweight in Japanese stocks of 4% among the surveyed investors [4]. - The potential for a rebound in the USD/JPY exchange rate may be highlighted in the upcoming macroeconomic and foreign exchange report from the US Treasury, which could shift focus back to monetary policy trends [4].